stockmaster

                              Sun Pharmaceutical Industries (SUNP) has been investing significantly for building US specialty franchise. Further, due to successful US FDA clearance for Halol facility, best-in-class franchise, strong track record of transforming acquired assets, we see multiple growth drivers for SUNP. f On specialty side, SUNP got US FDA approvals for Yonsa, Illumya, Xelpros and and Cequa in FY18. It has already launched its key product i.e. Ilumya (Oct-18) and expected to launch Cequa and Xelpros in 4QFY19E. We see specialty business is a key growth driver for SUNP, going ahead. f With clearance to Halol unit, we expect strong recovery in US business (34% of sales; 22% CAGR over FY18- 20E) led by specialty product launches and low YoY base. We envisage SUNP’s domestic formulation business (31% of sales) to report 12% CAGR over FY18-20E led by new launches. f We expect SUNP’s overall...